CNBC's Susan Li, reports the city's chief executive has issued a deadline as the Hong Kong anti-government protest lingers on.» Read More
Stocks are striking a sour note before the open, with market talk focused full force on the Fed.Traders are also watching a Fed report, due at 10 a.m. New York time on the amount of commercial paper outstanding. Second quarter GDP, released this morning, was revised to 4% from 3.4%.
Asian markets mostly finished higher Thursday, but were off their morning highs. Volumes were thin amid a dearth of strong incentives, with many market participants holding back ahead of a long weekend in the United States. Japan and South Korea both closed almost 1% higher.
Thoughts of a decent rally this week rest largely on the hope that Ben Bernanke will address the slowing economy at his Jackson Hole speech this Friday. They are emphasizing that, since the FOMC meeting August 7th, things HAVE changed, the Fed HAS seen more risk (e.g. they cut the discount rate), and Mr. Bernanke will address those increased risks on Friday.
Asian stocks closed lower across the region Wednesday as investors shunned riskier assets on the renewed fears about the health of the U.S. economy. But markets were off their lows with South Korea closing just slightly in the red after plunging as much as 3% at one point during the session.
It's finally happening: analysts are lowering estimates on investment banks, just a few days before the quarter closes for many of them. Merrill Lynch's Guy Moszkowski downgrades Bear Stearns, Lehman Bros. because of their greater dependence on debt markets; they note that Merrill and Morgan Stanley are more diversified.
China has only limited exposure to problems in the U.S. subprime market, and its commercial banks have set aside adequate provisions for dealing with the problems, an assistant central bank governor said on Tuesday.
Asian stocks mixed Tuesday as fresh fears about the outlook for the U.S. economy offset healthy profits and orders at firms in the region, while the yen firmed as investors trimmed exposure to riskier assets.
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Asian stocks were stronger in the afternoon session Monday with markets taking cues from a Wall Street rally triggered by surprisingly strong economic data, while the Japanese yen weakened against the U.S. dollar as risk appetite strengthened.
The 2.3% rise in the Dow last week, coupled with lower volume and lower volatility, has given the markets what it wants mosts: time. Time allows market participants to readjust risk. JP Morgan, in a note to clients this morning, said "The key issue for the months ahead will be to figure out the impact of tighter credit conditions on economic growth."
"Although our agreement today is modest, we believe there could be additional purchases, and we are hopeful that this is the beginning of a longer-term and growing association," Smithfield Chief Executive Larry Pope said in a statement.
Asian stocks led by finance counters, were lower across the board in the afternoon session Friday, on concerns that problems in the U.S. housing and credit markets could push the world's biggest economy into recession. Australia, Japan and South Korea all closed down.
STMicroelectronics, Europe's biggest chipmaker, is in talks with several Chinese semiconductor firms on a possible manufacturing tie-up, a source familiar with the situation said on Friday.
China is likely to keep tightening monetary policy over the rest of 2007, but some economists believe the central bank will slow the tempo of interest rate increases as the outlook for exports darkens and inflation prospects improve.
The People's Bank of China said on Tuesday it would raise its deposit rates by 27 basis points as of Wednesday "to stabilise inflation expectations."
After a run that has seen sizzling growth top 10 percent for four years, analysts say China's supercharged economy is facing strains that could break out into an upsurge of inflation.
The steep paper losses that China has suffered on its $3 billion investment in Blackstone Group will not deter its embryonic sovereign wealth fund from making further investments in private equity and hedge funds, according to a senior official.
It's been easy over the last few months to feel a bit sorry for Hank Paulson. He left Goldman Sachs, reluctantly, to lead President Bush's second-term Treasury in the belief that his skills might help solve two thorny problems: deteriorating political sentiment toward China's rising economic might, and the long-term insolvency of the U.S. entitlement programs as the Baby Boom generation heads toward retirement.
Covering market meltdowns is tough. Most people are affected in some way when the market plummets as it did Thursday -- and has been doing on a regular basis over the past month. ... For those covering it, it’s difficult to put aside the uncomfortable feeling that your portfolio is taking a major hit, even as you try to make sense of it all for our viewers. My first experience with this phenomenon occurred during the now-infamous crash of 1987.
Here's a business conundrum. When a bigger guy -- say the Chinese -- are effectively trying to put you out of business, what do you do?